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Friday, June 24, 2016

I Feel Your Pain Though it's Totally Your Fault

Jeremy Weate:

Feel sorry for Brits relying on savings & linked pensions. You just became 10%+ poorer. But if you voted Brexit, its entirely your fault

https://twitter.com/jeremyweate/status/746184471913840640

I wonder how many such folks there are? Millions, I guess. Indeed, while I've taken shots at the kids for being so in love with Bernie, in the Brexit vote, it's not their fault.

But young people voted to Remain. It's the olds who want to leave."

"The kids, those 18-24 voted stay, 64-24."

https://twitter.com/mattyglesias/status/746180339639386112

It's the older folks who voted Brexit.

https://twitter.com/wmyeoh/status/746150360318763008

You have to feel for the kids.

"I'm genuinely close to tears. I'm 20. This is my future. We shouldn't be doing this. I hope so much we can turn this around #EURefResults"

https://twitter.com/asmamk/status/746185153505013760

What's amazing is that the older you are, the more likely you voted for this. Those over 65 voted by 58-33 to Brexit.

Those 50 to 64 voted for it by 49-35. So those who live on savings and linked pensions voted overwhelmingly for a plus 10 percent haircut.

So it's pain but self inflicted pain-and pain for all those young people starting out who will now have to get a visa to travel to Europe.

But, hey, Nigel Farage and Donald Trump say Britain is free today.

Meanwhile, if I may get personal for a moment, I am actually one of those who currently have savings in the UK. I'm a whole lot poorer today, as well, and for me it was not self-inflicted.

If the pound gets pounded too badly, maybe moving back to the UK becomes an option-I was born there and so will always be a citizen.

I haven't lived there since I was three years old...

I keep hearing gloating Trump guys like CNBC's Joe Kiernan, heck Trump himself said this already that it will be short term pain for the pound but long term everything will be fine.

Unless, you like me have current British savings that are supposed to be transferred into dollars in the very near future.

But of course, with a President Boris Johnson-and needing a visa to go to Europe-there will be some major downside there too.

"Jeremy Weate says it best:

"English labour Brexiters have just voted for permanent right wing Tory rule. Guess they didnt see that far ahead.."

https://twitter.com/jeremyweate/status/746184471913840640







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